9th Mar 2009 07:00
Half Yearly Results Announcement
Half Year ended 31 January 2009
Financial Highlights
|
|
6 months ended
31 Jan 2009
€’000
|
6 months ended
31 Jan 2008
€’000
|
%
increase
|
|
Group revenue
|
710,099
|
546,412
|
30
|
|
Group operating profit*
|
|
|
|
|
- Agri-Nutrition
|
18,040
|
11,744
|
54
|
|
- Food
|
9,198
|
8,497
|
8
|
|
Group operating profit*
|
27,238
|
20,241
|
35
|
|
Profit before financing costs*
|
27,800
|
21,183
|
31
|
|
Profit for the financial period
|
14,148
|
11,910
|
19
|
|
Adjusted fully diluted EPS (cent per share)*
|
11.17
|
9.37
|
19
|
|
Group net debt
|
200,356
|
164,402
|
22
|
*before intangible amortisation (2009:€1.5m, 2008:€0.8m)
Highlights
Excellent performance from Agri-Nutrition businesses with a 54% increase in operating profit
Masstock's prescription led agronomy model continued to strengthen
Robust performance from Food business with operating profit up by 8%
Strong cashflow performance in the period
Strategic consolidation of Marine Proteins business concluded in February 2009.
Origin Enterprises plc
Chief Executive Officer's comment:
Commenting on the announcement of the 2009 Half Yearly Results, Origin Chief Executive Officer, Tom O'Mahony said:
"Origin has delivered a strong first half performance, recording a 35 per cent increase in Operating Profit, reflecting the benefits from the significant strategic repositioning of the Group.
Unprecedented volatility in input costs and output values are posing major challenges for primary food producers in enterprise planning. The Group's service focussed Agri-Nutrition model is commanding heightened relevance for our customers in supporting their risk management and procurement strategies.
An increasing trend towards value conscious consumption and weaker consumer sentiment are key challenges being managed within the Group's Food business today. Continual service and value innovation remain fundamental to underpinning our leading brand positions.
The merger of Origin's and Austevoll's European Marine Proteins and Oils operations, completed in early February 2009, represents a major realignment of the fishmeal and fish oil industry and furthers the strategic development of Origin.
We retain a rigorous focus on cash management and our business model continues to demonstrate resilience in an environment of considerable economic uncertainty. We remain positive regarding our prospects for the full year."
Ends
The Half Yearly Results Announcement is available on the company website www.originenterprises.com. There will be a live conference call at 9.30am (GMT) today. To listen to this conference call, please dial your appropriate number from the list below. Participants are requested to dial in 5 to 10 minutes prior to the scheduled start time.
The Confirmation Code is: 4528556
Participant access numbers: +353 (0)1 4860914 Ireland Toll
+44 (0)20 7365 1833 UK/International Toll
+41 (0)22 417 7109 Switzerland Toll
+358 (0)9 6937 9590 Finland Toll
+48 (0)22 356 1811 Poland Toll
+49 (0)69 9897 2631 Germany Toll
+33 (0)1 70 99 42 72 France Toll
+31 (0)20 713 2790 Netherlands Toll
1866 239 0753 USA Toll Free
For reference contact:
Brendan Fitzgerald, Chief Financial Officer Tel: +353 1 612 1259
Origin Enterprises plc
Elizabeth Headon Tel: +353 1 498 0300
Murray Consultants Mobile: +353 87 989 7234
9 March 2009
HALF YEARLY RESULTS STATEMENT
Financial Review
Origin Enterprises plc ('Origin' or the 'Group') announces a 19 per cent increase in adjusted fully diluted earnings per share for the half year ending 31 January 2009 to 11.17c per share compared to 9.37c per share in the previous period. Profit before financing costs* for the first half increased by 31 per cent to €27.8 million.
Revenue
Group revenue was 30 per cent higher at €710.1 million, on a constant currency basis the increase was 39 per cent.
The Agri-Nutrition businesses achieved revenue of €553.5 million, an increase of 47 per cent over the previous period. On a constant currency basis the increase was 61 per cent. The Food businesses generated revenue for the period of €156.6 million, a reduction of 8 per cent.
Operating profit
Group operating profit* increased by 35 per cent to €27.2 million from €20.2 million in the previous period. The weakness of sterling relative to the euro in the first half of the current financial year compared to the same period last year reduced operating profit by €1.7 million. The operating margin increased from 3.7 per cent to 3.8 per cent.
Operating profit* from the Agri-Nutrition businesses increased by 54 per cent to €18.0 million. Operating profit* from the Food business increased by 8 per cent to €9.2 million. The operating margin in Food increased from 5.0 per cent to 5.9 per cent, principally reflecting the mix of business in the current financial period.
Associates
John Thompson and Sons Ltd, the animal feed manufacturer in which Origin has a 50 per cent interest, delivered a satisfactory performance during the period.
Origin has committed an additional €7 million investment in Continental Farmers Group plc (€3.5 million of which was paid in the current period) to fund its ongoing development programme. After the additional investment, the Group's shareholding will increase to 37 per cent.
Finance Costs
Profit before financing costs* for the half year increased by 31 per cent to €27.8 million compared to €21.2 million in 2008.
Cashflow and Net Debt
Net cash outflow from operating activities was €37.7 million reflecting the seasonal investment in working capital during the first half of the financial year.
Group net debt was €200.3 million at 31 January 2009 compared to €175.1 million at 31 July 2008 principally reflecting the seasonal investment in working capital. Net debt is €36 million higher than at 31 January 2008 after a spend of €104.5 million on acquisitions and capital investment over the past twelve months. This performance reflects the continuing strong cash generative nature of the business.
Dividend
No dividend will be paid in respect of the half year ended 31 January 2009. The board has decided to keep its dividend policy under review and will outline its policy with the announcement of the Preliminary Results in September 2009.
*Operating profit and profit before financing costs are stated before intangible amortisation (2009:€1.5m, 2008:€0.8m).
Review of Operations
Agri-Nutrition
|
2009 €'000 |
2008 €'000 |
% Change |
|
|
Revenue |
553,455 |
375,423 |
47% |
|
Operating profit* |
18,040 |
11,744 |
54% |
|
Operating profit % |
3.26 |
3.13 |
+13 bps |
*Operating profit is stated before intangible amortisation.
Origin's Agri-Nutrition Divison incorporating integrated on-farm agronomy, agri-inputs (feed ingredients and fertiliser blending and distribution) and marine proteins and oils (fishmeal and fish oil manufacturing and distribution) performed strongly during the first half of the year. The period under review saw primary food producers experiencing substantial challenges with significantly delayed and difficult harvest conditions and unprecedented price volatility across input costs and output values.
The highlight of the period has been the performance of Masstock's fully serviced agronomy business across the United Kingdom and Poland. Masstock's proactive development of crop management programmes underpinned by fundamental research applied to current growing conditions tangibly demonstrates to customers that investment remains the key to securing yield and improved profitability. Masstock's customer relationships ensure that the business maintains its core influence in on-farm decision making and product specification.
In Ireland feed ingredients and fertiliser delivered a satisfactory performance. Overall feed volumes remained in line with last year with higher inclusion levels of cereals following a larger native harvest. The fertiliser business performed to expectation during this seasonally quiet period. The replenishing of animal fodder stocks, which are at historically low levels, will be one of the principal drivers of fertiliser volume in the second half of the year.
In the UK, significant volatility in pricing drove reduced fertiliser volumes in the period with customers delaying purchasing decisions until closer to the main application period. The business remains well placed to fulfill customer off-take requirements in the second half of the year.
Marine Proteins delivered a very satisfactory performance in the period underpinned by continuing positive demand within aquaculture, pig and poultry feed diets.
On 4 February 2009, Origin announced it had reached agreement with Austevoll Seafoods ASA ('Austevoll') to combine our respective Irish, UK and Norwegian fishmeal and fish oil operations. This strategic consolidation initiative will enhance the position of the combined business in the globally traded marine proteins and oils sector. Benefits will include improved raw material landing and conversion efficiencies, a world class product offering supported by superior customer logistics together with the optimisation of North Atlantic
production capacity. Origin has transferred its Marine Protein business to Austevoll's wholly owned Norwegian subsidiary, Welcon Invest AS ('Welcon'), together with a cash contribution of €16 million in return for a 50 per cent shareholding in the enlarged Welcon group.
Continental Farmers Group plc ('Continental'), a large scale producer of agricultural crops in Poland and Ukraine, made substantial progress in the period. Ukraine is the primary focus of development for Continental with 20,000 hectares of leased arable land assembled and key investments in machinery and infrastructure successfully completed and fully commissioned. The company is targeting to harvest 13,000 hectares in 2009, compared with 5,000 hectares in 2008. The business is equipped with a capacity for an extensive drilling programme which together with improved agronomic application and enhanced operational capability will positively influence performance.
Food
|
2009 €'000 |
2008 €'000 |
% Change |
|
|
Revenue |
156,644 |
170,989 |
(8%) |
|
Operating profit* |
9,198 |
8,497 |
8% |
|
Operating profit % |
5.9 |
5.0 |
+90 bps |
*Operating profit is stated before intangible amortisation.
Origin's Food business has market leading positions within ambient baking, Italian food ingredients and convenience snacking categories servicing the retail, food service and manufacturing sectors in Ireland. Food delivered a satisfactory performance during the period against the background of a very challenging environment and the impact of changing consumer buying patterns.
Revenue within the Food business was 8 per cent lower than the comparable period in 2008, driven by a decline in agency distribution, as customers temporarily sourced certain product ranges directly from the UK. Food operating margins increased by 90 basis points to 5.9 per cent reflecting the changed sales mix during the period.
Shamrock, the brand leader within home baking and Roma, market leader in Italian food ingredients, recorded underlying revenue growth of 6 per cent. There is a move amongst consumers towards more meal preparation and eating at home, with Roma, Shamrock and Odlums as suppliers of staple food ingredients for the home cooking and baking markets benefiting from this increased demand. The extension of these brands into complementary product lines through focused product development and service innovation has also supported sales.
Odlums, Ireland's premier cereal miller, delivered a satisfactory performance in the first half of the year. Industrial flour volumes were stable in the period against the background of a
more competitive environment. Retail flour volumes performed strongly driven by higher consumption and extended distribution resulting from the integration of key sales, marketing and distribution activities into Shamrock Foods.
During the period, Odlums sold the rights to its McCann's Irish oatmeal brand which principally serviced the North American niche speciality foods sector. McCann's oatmeal had total sales of €6.9m in the 2008 financial year.
Investment Properties
The Group's investment properties, which are carried at €193m in the Balance Sheet at 31 January 2009, principally comprise the 32 acre footprint in the Cork South Docklands. Certain of our trading operations continue to operate from these properties. Against the background of current inactivity in property markets our objective remains to sensibly unlock the value of these property assets over the medium term. We retain flexibility regarding the timing of value realisation.
Outlook
Origin has delivered a strong performance in the first half of the year. Notwithstanding the current economic environment and its associated risks, the business is well positioned for the seasonally more important second half of the year and we remain on target to deliver growth for the full year.
ENDS
About Origin Enterprises plc
Origin Enterprises plc is a leading Agri-Nutrition and Food company listed on the IEX and AIM markets of the Irish and London Stock Exchanges. The Agri-Nutrition division, through its manufacturing and distribution operations in Ireland, the United Kingdom and Poland, has leading market positions in the supply of feed ingredients, specialist agronomy services, crop nutrition and marine proteins. The Group's Food division, comprising sales, marketing, distribution and manufacturing activities in Ireland, has leadership positions in ambient food across the retail, food service and manufacturing sectors.
IEX ticker symbol: OIZ
AIM ticker symbol: OGN
Website: www.originenterprises.com
Origin Enterprises plc
Condensed consolidated half yearly income statement
for the six months ended 31 January 2009
|
Six months |
Six months |
||||
|
ended 31 |
ended 31 |
Year Ended |
|||
|
January 2009 |
January 2008 |
31 July 2008 |
|||
|
€'000 |
€'000 |
€'000 |
|||
|
(Unaudited) |
(Unaudited) |
(Audited) |
|||
|
Revenue |
710,099 |
546,412 |
1,504,242 |
||
|
Cost of sales |
(630,996) |
(495,962) |
(1,335,032) |
||
|
Gross profit |
79,103 |
50,450 |
169,210 |
||
|
Operating costs |
(53,342) |
(30,996) |
(100,681) |
||
|
Operating profit |
25,761 |
19,454 |
68,529 |
||
|
Share of profit of associates |
562 |
942 |
2,252 |
||
|
Profit before financing costs |
26,323 |
20,396 |
70,781 |
||
|
Finance income |
2,681 |
2,205 |
5,287 |
||
|
Finance expenses |
(11,902) |
(8,064) |
(19,859) |
||
|
Profit before tax |
17,102 |
14,537 |
56,209 |
||
|
Income tax |
(2,954) |
(2,627) |
(11,747) |
||
|
Profit for the period |
14,148 |
11,910 |
44,462 |
||
Origin Enterprises plc
Condensed consolidated half yearly income statement (continued)
for the six months ended 31 January 2009
|
Six months |
Six months |
||||||
|
ended 31 |
ended 31 |
Year Ended |
|||||
|
January 2009 |
January 2008 |
31 July 2008 |
|||||
|
€'000 |
€'000 |
€'000 |
|||||
|
(Unaudited) |
(Unaudited) |
(Audited) |
|||||
|
Attributable as follows: |
|||||||
|
Equity shareholders |
14,010 |
12,149 |
44,701 |
||||
|
Minority interest |
138 |
(239) |
(239) |
||||
|
14,148 |
11,910 |
44,462 |
|||||
|
Earnings per share for the period |
|||||||
|
Basic- adjusted |
|||||||
|
Excluding amortisation |
11.53c |
9.69c |
35.23c |
||||
|
Diluted- adjusted |
|||||||
|
Excluding amortisation |
11.17c |
9.37c |
34.05c |
||||
|
Basic |
|||||||
|
Including amortisation |
10.53c |
9.14c |
33.61c |
||||
|
Diluted |
|||||||
|
Including amortisation |
10.20c |
8.84c |
32.47c |
||||
Origin Enterprises plc
Condensed group statement of recognised income and expense
for the six months ended 31 January 2009
|
Six months |
Six months |
|||||
|
ended 31 |
ended 31 |
Year ended |
||||
|
January 2009 |
January 2008 |
31 July 2008 |
||||
|
€'000 |
€'000 |
€'000 |
||||
|
(Unaudited) |
(Unaudited) |
(Audited) |
||||
|
Items of income and expense recognised directly in |
||||||
|
equity |
||||||
|
Net revaluation of previously held interest in associate |
- |
18,116 |
17,960 |
|||
|
Foreign exchange translation effects |
||||||
|
foreign currency net investments |
(22,814) |
(5,435) |
(11,193) |
|||
|
foreign currency borrowings |
8,099 |
71 |
2,755 |
|||
|
Actuarial gain/(loss) on Group's defined benefit |
||||||
|
pension schemes |
1,368 |
(13,555) |
(17,813) |
|||
|
Deferred tax effect of actuarial gains/(losses) |
(550) |
1,793 |
2,377 |
|||
|
Gain/(loss) relating to cash flow hedges |
1,314 |
(2,026) |
553 |
|||
|
Deferred tax effect of cash flow hedges |
(164) |
250 |
(71) |
|||
|
Total expense recognised directly in equity |
(12,747) |
(786) |
(5,432) |
|||
|
Profit for the financial period |
14,148 |
11,910 |
44,462 |
|||
|
Total recognised income and expense for the period |
1,401 |
11,124 |
39,030 |
|||
|
Attributable as follows: |
||||||
|
Equity shareholders |
1,499 |
11,363 |
39,531 |
|||
|
Minority interest |
(98) |
(239) |
(501) |
|||
|
Total recognised income and expense for the period |
1,401 |
11,124 |
39,030 |
|||
Origin Enterprises plc
Condensed consolidated half yearly balance sheet
as at 31 January 2009
|
31 January |
31 January |
31 July |
||||
|
2009 |
2008 |
2008 |
||||
|
€'000 |
€'000 |
€'000 |
||||
|
(Unaudited) |
(Unaudited) |
(Audited) |
||||
|
ASSETS |
||||||
|
Non current assets |
||||||
|
Property, plant and equipment |
100,037 |
93,967 |
106,099 |
|||
|
Investment properties |
192,978 |
192,418 |
192,418 |
|||
|
Goodwill and intangible assets |
99,822 |
53,026 |
116,367 |
|||
|
Investments in associates |
31,863 |
15,490 |
32,844 |
|||
|
Deferred tax assets |
4,535 |
3,710 |
4,651 |
|||
|
Total non current assets |
429,235 |
358,611 |
452,379 |
|||
|
Current assets |
||||||
|
Inventory |
190,957 |
124,932 |
160,669 |
|||
|
Trade and other receivables |
104,744 |
110,440 |
203,156 |
|||
|
Derivative financial instruments |
5,062 |
- |
1,958 |
|||
|
Cash and cash equivalents |
46,498 |
48,828 |
75,232 |
|||
|
Total current assets |
347,261 |
284,200 |
441,015 |
|||
|
TOTAL ASSETS |
776,496 |
642,811 |
893,394 |
|||
Origin Enterprises plc
Condensed consolidated half yearly balance sheet (continued)
as at 31 January 2009
|
31 January |
31 January |
31 July |
||||
|
2009 |
2008 |
2008 |
||||
|
€'000 |
€'000 |
€'000 |
||||
|
(Unaudited) |
(Unaudited) |
(Audited) |
||||
|
EQUITY |
||||||
|
Called up share capital |
1,386 |
1,385 |
1,386 |
|||
|
Share premium |
265,182 |
265,182 |
265,182 |
|||
|
Retained earnings and other reserves |
(42,729) |
(73,249) |
(44,686) |
|||
|
Total equity attributable to equity shareholders |
||||||
|
of parent |
223,839 |
193,318 |
221,882 |
|||
|
Minority interest |
1,397 |
1,757 |
1,495 |
|||
|
TOTAL EQUITY |
225,236 |
195,075 |
223,377 |
|||
|
LIABILITIES |
||||||
|
Non current liabilities |
||||||
|
Interest bearing loans and borrowings |
243,926 |
210,000 |
249,272 |
|||
|
Employee benefits |
21,354 |
16,897 |
23,071 |
|||
|
Deferred government grants |
2,577 |
2,838 |
2,644 |
|||
|
Deferred tax liabilities |
41,850 |
39,245 |
42,741 |
|||
|
Deferred consideration on acquisition |
10,771 |
- |
12,483 |
|||
|
Total non current liabilities |
320,478 |
268,980 |
330,211 |
|||
|
Current liabilities |
||||||
|
Interest bearing loans and borrowings |
2,928 |
3,230 |
1,085 |
|||
|
Trade and other payables |
216,894 |
160,198 |
328,350 |
|||
|
Corporation tax payable |
5,550 |
11,087 |
6,751 |
|||
|
Derivative financial instruments |
5,410 |
4,241 |
3,620 |
|||
|
Total current liabilities |
230,782 |
178,756 |
339,806 |
|||
|
TOTAL LIABILITIES |
551,260 |
447,736 |
670,017 |
|||
|
TOTAL EQUITY AND LIABILITIES |
776,496 |
642,811 |
893,394 |
|||
Origin Enterprises plc
Condensed consolidated half yearly cash flow statement
for the six months ended 31 January 2009
|
Six months |
Six months |
||||
|
ended 31 |
ended 31 |
Year Ended |
|||
|
January 2009 |
January 2008 |
31 July 2008 |
|||
|
€'000 |
€'000 |
€'000 |
|||
|
(Unaudited) |
(Unaudited) |
(Audited) |
|||
|
Cash flows from operating activities |
|||||
|
Profit before tax |
17,102 |
14,537 |
56,209 |
||
|
Financing costs, net |
9,221 |
5,859 |
14,572 |
||
|
Share of profit of associates |
(562) |
(942) |
(2,252) |
||
|
Depreciation of property, plant and equipment |
4,310 |
3,655 |
9,060 |
||
|
Amortisation of intangible assets |
1,477 |
787 |
2,397 |
||
|
Amortisation of government grants |
(67) |
(65) |
(115) |
||
|
Employee share-based payment charge |
458 |
314 |
709 |
||
|
Operating profit before changes in working capital |
31,939 |
24,145 |
80,580 |
||
|
(Increase) in inventory |
(43,961) |
(51,738) |
(72,805) |
||
|
Decrease/(increase) in trade and other receivables |
81,220 |
(7,890) |
(49,820) |
||
|
(Decrease)/increase in trade and other payables |
(92,205) |
22,289 |
139,405 |
||
|
Cash (absorbed)/generated from operating activities |
(23,007) |
(13,194) |
97,360 |
||
|
Interest paid |
(9,654) |
(3,685) |
(9,662) |
||
|
Income tax paid |
(5,001) |
- |
(13,083) |
||
|
Net cash flow from operating activities |
(37,662) |
(16,879) |
74,615 |
||
Origin Enterprises plc
Condensed consolidated half yearly cash flow statement (continued)
for the six months ended 31 January 2009
|
Six months |
Six months |
|||||
|
ended 31 |
ended 31 |
Year Ended |
||||
|
January 2009 |
January 2008 |
31 July 2008 |
||||
|
€'000 |
€'000 |
€'000 |
||||
|
(Unaudited) |
(Unaudited) |
(Audited) |
||||
|
Cash flows from investing activities |
||||||
|
Proceeds from sale of property, plant and equipment |
24 |
38 |
411 |
|||
|
Purchase of property, plant and equipment |
(3,144) |
(2,470) |
(8,824) |
|||
|
Additions to investment properties |
(560) |
(12,945) |
(12,945) |
|||
|
Acquisition of subsidiary undertaking, |
||||||
|
net of cash acquired |
- |
(32,195) |
(75,798) |
|||
|
Proceeds from sale of Mc Canns brand |
6,797 |
- |
- |
|||
|
Investment in associates |
(3,507) |
- |
(15,632) |
|||
|
Dividends received |
1,926 |
18 |
158 |
|||
|
Net cash flow from investing activities |
1,536 |
(47,554) |
(112,630) |
|||
|
Cash flows from financing activities |
||||||
|
Proceeds from issue of share capital |
- |
3 |
4 |
|||
|
Drawdown of loan capital |
10,132 |
100,346 |
104,195 |
|||
|
Payment of finance lease obligations |
(682) |
- |
(399) |
|||
|
Net cash flow from financing activities |
9,450 |
100,349 |
103,800 |
|||
|
Net (decrease)/ increase in cash and cash equivalents |
(26,676) |
35,916 |
65,785 |
|||
|
Translation adjustment |
(4,102) |
(1,616) |
(2,076) |
|||
|
Cash and cash equivalents at start of period |
75,007 |
11,298 |
11,298 |
|||
|
Cash and cash equivalents at end of period |
44,229 |
45,598 |
75,007 |
|||
Origin Enterprises plc
Notes to the condensed consolidated half yearly financial information
for the six months ended 31 January 2009
International Financial Reporting Standards
Basis of preparation
The half yearly condensed financial information has been prepared in accordance with the accounting policies set out in the Group's consolidated financial statements for the year ended 31 July 2008 and in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) as endorsed by the European Commission.
The condensed consolidated half yearly financial information is presented in euro, rounded to the nearest thousand, which is the functional currency of the Group.
A comprehensive review of the group's performance for the six months ended 31 January 2009 is included in the financial highlights section included on pages 1 to 8. The group's business is seasonal and is weighted towards the second half of the financial year.
The financial information presented herein does not amount to statutory financial statements that are required by Section 7 of the Companies (Amendment) Act 1986 to be annexed to the annual return of the company. The statutory financial statements for the year ended 31 July 2008 were filed with the Registrar of Companies and are available on the company's website www.originenterprises.com. Those financial statements contained an unqualified audit report.
Origin Enterprises plc
Notes to the condensed consolidated half yearly financial information (continued)
for the six months ended 31 January 2009
|
2 |
Segment information |
|||||||||||||||||
|
(a) Segment revenue and result |
||||||||||||||||||
|
Agri-Nutrition |
Food |
TOTAL |
||||||||||||||||
|
6 months |
6 months |
Year |
6 months |
6 months |
Year |
6 months |
6 months |
Year |
||||||||||
|
ended |
ended |
ended |
ended |
ended |
ended |
ended |
ended |
ended |
||||||||||
|
31/01/09 |
31/01/08 |
31/07/08 |
31/01/09 |
31/01/08 |
31/07/08 |
31/01/09 |
31/01/08 |
31/07/08 |
||||||||||
|
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
||||||||||
|
Segment revenue |
553,455 |
375,423 |
1,165,262 |
156,644 |
170,989 |
338,980 |
710,099 |
546,412 |
1,504,242 |
|||||||||
|
Operating profit before amortisation |
18,040 |
11,744 |
55,012 |
9,198 |
8,497 |
15,914 |
27,238 |
20,241 |
70,926 |
|||||||||
|
Intangible amortisation |
(1,104) |
(117) |
(1,030) |
(373) |
(670) |
(1,367) |
(1,477) |
(787) |
(2,397) |
|||||||||
|
Operating profit |
16,936 |
11,627 |
53,982 |
8,825 |
7,827 |
14,547 |
25,761 |
19,454 |
68,529 |
|||||||||
|
Share of profit of associates |
562 |
741 |
2,051 |
- |
201 |
201 |
562 |
942 |
2,252 |
|||||||||
|
Profit before financing costs |
17,498 |
12,368 |
56,033 |
8,825 |
8,028 |
14,748 |
26,323 |
20,396 |
70,781 |
|||||||||
Origin Enterprises plc
Notes to the condensed consolidated half yearly financial information (continued)
for the six months ended 31 January 2009
|
2 |
Segment information (continued) |
|||||||||||||||||
|
(b) Segmental assets |
||||||||||||||||||
|
Agri-Nutrition |
Food |
TOTAL |
||||||||||||||||
|
6 months |
6 months |
Year |
6 months |
6 months |
Year |
6 months |
6 months |
Year |
||||||||||
|
ended |
ended |
ended |
ended |
ended |
ended |
ended |
ended |
ended |
||||||||||
|
31/01/09 |
31/01/08 |
31/07/08 |
31/01/09 |
31/01/08 |
31/07/08 |
31/01/09 |
31/01/08 |
31/07/08 |
||||||||||
|
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
||||||||||
|
Segment assets excluding investments in associates |
388,640 |
240,754 |
443,980 |
106,920 |
141,611 |
142,311 |
495,560 |
382,365 |
586,291 |
|||||||||
|
Investment in associates |
31,863 |
15,490 |
32,844 |
- |
- |
- |
31,863 |
15,490 |
32,844 |
|||||||||
|
Investment properties |
178,978 |
178,418 |
178,418 |
14,000 |
14,000 |
14,000 |
192,978 |
192,418 |
192,418 |
|||||||||
|
Segment assets |
599,481 |
434,662 |
655,242 |
120,920 |
155,611 |
156,311 |
720,401 |
590,273 |
811,553 |
|||||||||
|
Reconciled to total assets as reported in Group balance sheet |
||||||||||||||||||
|
Cash and cash equivalents |
46,498 |
48,828 |
75,232 |
|||||||||||||||
|
Derivative financial instruments |
5,062 |
- |
1,958 |
|||||||||||||||
|
Deferred tax assets |
4,535 |
3,710 |
4,651 |
|||||||||||||||
|
Total assets as reported in Group balance sheet |
776,496 |
642,811 |
893,394 |
|||||||||||||||
Origin Enterprises plc
Notes to the condensed consolidated half yearly financial information (continued)
for the six months ended 31 January 2009
|
2 |
Segment information (continued) |
|||||||||||||||||
|
(c) Segmental liabilities |
||||||||||||||||||
|
Agri-Nutrition |
Food |
TOTAL |
||||||||||||||||
|
6 months |
6 months |
Year |
6 months |
6 months |
Year |
6 months |
6 months |
Year |
||||||||||
|
ended |
ended |
ended |
ended |
ended |
ended |
ended |
ended |
ended |
||||||||||
|
31/01/09 |
31/01/08 |
31/07/08 |
31/01/09 |
31/01/08 |
31/07/08 |
31/01/09 |
31/01/08 |
31/07/08 |
||||||||||
|
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
||||||||||
|
Segment liabilities |
232,928 |
150,564 |
325,010 |
18,668 |
29,369 |
41,538 |
251,596 |
179,933 |
366,548 |
|||||||||
|
Reconciled to total liabilities as reported in Group balance sheet |
||||||||||||||||||
|
Interest bearing loans and liabilities |
246,854 |
213,230 |
250,357 |
|||||||||||||||
|
Derivative financial instruments |
5,410 |
4,241 |
3,620 |
|||||||||||||||
|
Income tax and deferred tax liabilities |
47,400 |
50,332 |
49,492 |
|||||||||||||||
|
Total liabilities as reported in Group balance sheet |
551,260 |
447,736 |
670,017 |
|||||||||||||||
Origin Enterprises plc
Notes to the condensed consolidated half yearly financial information (continued)
for the six months ended 31 January 2009
|
3 |
Earnings per share |
|||||||||||
|
6 months |
6 months |
Year |
6 months |
6 months |
Year |
|||||||
|
ended |
ended |
ended |
ended |
ended |
ended |
|||||||
|
31/01/09 |
31/01/08 |
31/07/08 |
31/01/09 |
31/01/08 |
31/07/08 |
|||||||
|
€'000 |
€'000 |
€'000 |
EPS (cent) |
EPS (cent) |
EPS (cent) |
|||||||
|
Basic |
||||||||||||
|
Profit for the financial period |
14,010 |
12,149 |
44,701 |
10.53 |
9.14 |
33.61 |
||||||
|
Amortisation of intangible assets |
1,477 |
787 |
2,397 |
1.11 |
0.59 |
1.80 |
||||||
|
Amortisation of related deferred tax liability |
(141) |
(52) |
(227) |
(0.11) |
(0.04) |
(0.18) |
||||||
|
Adjusted earnings per share |
15,346 |
12,884 |
46,871 |
11.53 |
9.69 |
35.23 |
||||||
|
Diluted |
||||||||||||
|
Profit for the financial period |
14,010 |
12,149 |
44,701 |
10.20 |
8.84 |
32.47 |
||||||
|
Amortisation of intangible assets |
1,477 |
787 |
2,397 |
1.07 |
0.57 |
1.74 |
||||||
|
Amortisation of related deferred tax liability |
(141) |
(52) |
(227) |
(0.10) |
(0.04) |
(0.16) |
||||||
|
Adjusted earnings per share |
15,346 |
12,884 |
46,871 |
11.17 |
9.37 |
34.05 |
||||||
The calculation of earnings per share is based on the weighted average number of shares in issue during the period of 133,015,472 (31 January 2008: 133,015,472, 31 July 2008: 133,015,472). The weighted average number of shares used in the calculation of diluted earnings per share is 137,394,000 (31 January 2008: 137,482,206, 31 July 2008: 137,652,435).
Origin Enterprises plc
Notes to the condensed consolidated half yearly financial information (continued)
for the six months ended 31 January 2009
|
4 |
Statement of changes in shareholders' equity |
Foreign |
||||||||||||||||||
|
31 January 2009 |
Cashflow |
Share-based |
currency |
|||||||||||||||||
|
Share |
Share |
hedge |
Revaluation |
payment |
Reorganisation |
translation |
Retained |
Minority |
||||||||||||
|
capital |
premium |
reserve |
reserve |
reserve |
reserves |
reserve |
earnings |
interest |
Total |
|||||||||||
|
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
|||||||||||
|
At 1 August 2008 |
1,386 |
265,182 |
(1,288) |
90,132 |
914 |
(196,884) |
(9,400) |
71,840 |
1,495 |
223,377 |
||||||||||
|
Share-based payments |
- |
- |
- |
- |
458 |
- |
- |
- |
- |
458 |
||||||||||
|
Foreign exchange translation |
- |
- |
- |
- |
- |
- |
(14,479) |
- |
(236) |
(14,715) |
||||||||||
|
Group defined benefit pension schemes |
- |
- |
- |
- |
- |
- |
- |
1,368 |
- |
1,368 |
||||||||||
|
Deferred tax on group defined benefit pension schemes |
- |
- |
- |
- |
- |
- |
- |
(550) |
- |
(550) |
||||||||||
|
Gains relating to cash flow hedges |
- |
- |
1,314 |
- |
- |
- |
- |
- |
- |
1,314 |
||||||||||
|
Deferred tax relating to cash flow hedges |
- |
- |
(164) |
- |
- |
- |
- |
- |
- |
(164) |
||||||||||
|
Profit for the period |
- |
- |
- |
- |
- |
- |
- |
14,010 |
138 |
14,148 |
||||||||||
|
At 31 January 2009 |
1,386 |
265,182 |
(138) |
90,132 |
1,372 |
(196,884) |
(23,879) |
86,668 |
1,397 |
225,236 |
||||||||||
Origin Enterprises plc
Notes to the condensed consolidated half yearly financial information (continued)
for the six months ended 31 January 2009
|
4 |
Statement of changes in shareholders' equity (continued) |
Foreign |
||||||||||||||||||
|
31 January 2008 |
Cashflow |
Share-based |
currency |
|||||||||||||||||
|
Share |
Share |
hedge |
Revaluation |
payment |
Reorganisation |
translation |
Retained |
Minority |
||||||||||||
|
capital |
premium |
reserve |
reserve |
reserve |
reserves |
reserve |
earnings |
interest |
Total |
|||||||||||
|
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
|||||||||||
|
At 1 August 2007 |
1,382 |
265,182 |
(1,770) |
72,172 |
205 |
(196,884) |
(1,224) |
42,575 |
1,996 |
183,634 |
||||||||||
|
Issue of shares |
3 |
- |
- |
- |
- |
- |
- |
- |
- |
3 |
||||||||||
|
Net revaluation of previously held interest in asssociate |
- |
- |
- |
18,116 |
- |
- |
- |
- |
- |
18,116 |
||||||||||
|
Share-based payments |
- |
- |
- |
- |
314 |
- |
- |
- |
- |
314 |
||||||||||
|
Foreign exchange translation |
- |
- |
- |
- |
- |
- |
(5,364) |
- |
- |
(5,364) |
||||||||||
|
Group defined benefit pension schemes |
- |
- |
- |
- |
- |
- |
- |
(13,555) |
- |
(13,555) |
||||||||||
|
Deferred tax on group defined benefit pension schemes |
- |
- |
- |
- |
- |
- |
- |
1,793 |
- |
1,793 |
||||||||||
|
Losses relating to cash flow hedges |
- |
- |
(2,026) |
- |
- |
- |
- |
- |
- |
(2,026) |
||||||||||
|
Deferred tax relating to cash flow hedges |
- |
- |
250 |
- |
- |
- |
- |
- |
- |
250 |
||||||||||
|
Profit/(loss) for the period |
- |
- |
- |
- |
- |
- |
- |
12,149 |
(239) |
11,910 |
||||||||||
|
At 31 January 2008 |
1,385 |
265,182 |
(3,546) |
90,288 |
519 |
(196,884) |
(6,588) |
42,962 |
1,757 |
195,075 |
||||||||||
Origin Enterprises plc
Notes to the condensed consolidated half yearly financial information (continued)
for the six months ended 31 January 2009
|
4 |
Statement of changes in shareholders' equity (continued) |
Foreign |
||||||||||||||||||
|
31 July 2008 |
Cashflow |
Share-based |
currency |
|||||||||||||||||
|
Share |
Share |
hedge |
Revaluation |
payment |
Reorganisation |
translation |
Retained |
Minority |
||||||||||||
|
capital |
premium |
reserve |
reserve |
reserve |
reserves |
reserve |
earnings |
interest |
Total |
|||||||||||
|
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
€'000 |
|||||||||||
|
At 1 August 2007 |
1,382 |
265,182 |
(1,770) |
72,172 |
205 |
(196,884) |
(1,224) |
42,575 |
1,996 |
183,634 |
||||||||||
|
Issue of shares |
4 |
- |
- |
- |
- |
- |
- |
- |
- |
4 |
||||||||||
|
Net revaluation of previously held interest in asssociate |
- |
- |
- |
17,960 |
- |
- |
- |
- |
- |
17,960 |
||||||||||
|
Share-based payments |
- |
- |
- |
- |
709 |
- |
- |
- |
- |
709 |
||||||||||
|
Foreign exchange translation |
- |
- |
- |
- |
- |
- |
(8,176) |
- |
(262) |
(8,438) |
||||||||||
|
Group defined benefit pension schemes |
- |
- |
- |
- |
- |
- |
- |
(19,591) |
- |
(19,591) |
||||||||||
|
Deferred tax on group defined benefit pension schemes |
- |
- |
- |
- |
- |
- |
- |
2,377 |
- |
2,377 |
||||||||||
|
Net actuarial gain on associated defined benefit pension scheme |
- |
- |
- |
- |
- |
- |
- |
1,778 |
- |
1,778 |
||||||||||
|
Gains relating to cash flow hedges |
- |
- |
553 |
- |
- |
- |
- |
- |
- |
553 |
||||||||||
|
Deferred tax relating to cash flow hedges |
- |
- |
(71) |
- |
- |
- |
- |
- |
- |
(71) |
||||||||||
|
Profit/(loss) for the period |
- |
- |
- |
- |
- |
- |
- |
44,701 |
(239) |
44,462 |
||||||||||
|
At 31 July 2008 |
1,386 |
265,182 |
(1,288) |
90,132 |
914 |
(196,884) |
(9,400) |
71,840 |
1,495 |
223,377 |
||||||||||
Origin Enterprises plc
Notes to the condensed consolidated half yearly financial information (continued)
for the six months ended 31 January 2009
|
5 |
Analysis of net debt |
|||||||
|
31 July |
Exchange |
31 January |
||||||
|
2008 |
Cashflow |
Adjustment |
2009 |
|||||
|
€'000 |
€'000 |
€'000 |
€'000 |
|||||
|
Cash |
75,232 |
(24,632) |
(4,102) |
46,498 |
||||
|
Overdrafts |
(225) |
(2,044) |
- |
(2,269) |
||||
|
Cash and cash equivalents |
75,007 |
(26,676) |
(4,102) |
44,229 |
||||
|
Finance lease obligations |
(1,831) |
682 |
(47) |
(1,196) |
||||
|
Loans |
(248,301) |
(10,132) |
15,044 |
(243,389) |
||||
|
Net Debt |
(175,125) |
(36,126) |
10,895 |
(200,356) |
||||
6 Dividends
No dividend will be paid in respect of the period ended 31 January 2009.
7 Contingent liabilities
The group is not aware of any major changes with regard to contingent liabilities in comparison with the situation as of 31 July 2008.
8 Subsequent events
On 3 February 2009, Origin announced that it had reached agreement with Austevoll Seafoods ASA (Austevoll) to combine their respective Irish, UK and Norwegian fishmeal and fish oil operations. As part of the agreement Origin transferred its interest in its marine proteins operations (United Fish Industries) to Austevoll's wholly owned Norwegian subsidiary Welcon Invest AS together with a cash contribution of €16m. In return for this Origin obtained a 50% shareholding in the combined business. Proforma turnover of the enlarged Welcon Invest AS is approximately €175m.
9 Release of half yearly condensed financial statements
These half yearly condensed financial statements were released by the Board on 9 March 2009.
Related Shares:
Origin